Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed well in the green on Monday, with the latter setting a new intraday all-time high of $609.36.
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In another boost to AI momentum, OpenAI and Advanced Micro Devices (AMD) have agreed to a multibillion-dollar deal. Over the next several years, OpenAI will deploy up to six gigawatts of AMD Instinct GPUs. In addition, AMD has issued OpenAI warrants for up to 160 million shares of AMD stock that will vest upon satisfying certain milestones. The first tranche of warrants will vest when OpenAI deploys one gigawatt, which is scheduled for the second half of 2026. AMD holds a 0.55% weight in the S&P 500 (SPX) and a 1.02% weight in the Nasdaq 100 (NDX).
Both indexes have shrugged off the government shutdown so far, which has 66% odds of lasting between 10 and 29 days on prediction platform Polymarket. Bettors also assign 31% odds that the shutdown will last 30 days or more. Later today, the Senate will vote on a Democrat-backed bill to reopen the government, although the two parties are still gridlocked on extending Affordable Care Act (ACA) subsidies.
“If Republicans continue to refuse to extend the Affordable Care Act tax credit, tens of millions of American taxpayers are going to experience dramatically increased premiums, copays, and deductibles,” said House Minority Leader Hakeem Jeffries in an interview with NBC’s Meet the Press.
Meanwhile, President Trump said in a Truth Social post that the U.S. will begin enforcing a 25% tariff on foreign medium- and heavy-duty trucks beginning November 1. The tariff will hit Mexico especially hard, as it is the largest exporter of these trucks to the U.S.
Trump also held a phone call with Brazilian President Luiz Inácio Lula da Silva, which he described as “very good.” During the call, Lula asked that Trump lower Brazil’s 50% tariff rate, pointing out that Brazil was one of three G20 countries with which the U.S. ran a trade surplus. In August, Trump raised Brazil’s tariff rate to 50% from 10% after the country accused former President Jair Bolsonaro of plotting a coup. Last month, Bolsonaro was sentenced to 27 years in prison.
The S&P 500 (SPX) closed with a 0.36% gain, while the Nasdaq 100 (NDX) returned 0.78%.
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